Market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration certificate of Allied Financial Services Pvt Ltd (AFSPL), granting disproportionate exposure and promising assured returns to clients, misreporting data, dealing with unregistered entities and failing to maintain sufficient net worth.
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Outgoing members of the national executive told The Wire that the reconstitutions were made by selectively using and misusing the norms and procedures.
SEBI Penalises IL&FS Securities and Allied Financial Services For Fraudulent Transfer of Mutual Fund Units From Dalmia Cement and OCL s Accounts moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
The SEBI has imposed a total penalty of Rs 26 crore on IL&FS Securities Services Ltd. In a separate order, the capital market regulator has imposed penalties of Rs 3 crore on AFSPL and another Rs 3 crore on its MD, Awanish Kumar Mishra. It has also imposed fines of Rs 14 lakh and Rs 7 lakh on its directors Himanshu Arora and Jitendra Kumar Tiwari. The capital market regulator has also restrained IL&FS Securities from acquiring any new clients till a period of two years. Further, the IL&FS arm would also undertake a comprehensive overhaul of all its procedures and policies, especially its Risk Management Policy and implement necessary corrective measures to ensure that the violations observed are not repeated, the regulator said.